Baku, Azerbaijan, April 24
By Emil Ismayilov - Trend:
SOCAR's total debt is $6.8 billion, SOCAR Vice President for Economic Issues Suleyman Gasimov told the media on April 23.
"SOCAR's debt to commercial organizations is about one billion manats," he said. "All funds raised by SOCAR are directed at the implementation of large investment projects in the country and abroad."
The amount of the company's investments planned for the current year is 1.1 billion manats (for drilling, construction and other operations)," Gasimov said.
However, SOCAR's main debtor is Azerenergy (production and distribution of electricity in Azerbaijan). It owes SOCAR 280 million manats.
SOCAR has started to pay off foreign loans since 2010.
The loans taken by SOCAR are mainly directed to develop own projects. SOCAR together with foreign partners participate in such large projects as the development of the Azeri-Chirag-Guneshli block of oil and gas fields and the Shah Deniz gas-condensate field in the Caspian Sea.
SOCAR includes the Azneft production association (the companies producing oil and gas on and offshore), the Azerkimya industrial association (chemical enterprises) and Azerigaz industrial association (gas distribution).
SOCAR is the only producer of oil products in the country (it has two refineries on its balance sheet) and also owns petrol stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim. The company carries out oil trade in various regions of the world through SOCAR Trading.
The official exchange rate is 0.7843 AZN/USD on April 24.
Translated by NH
Edited by CN